On September 30, 2021 Signify Health (NYSE: SGFY), a leading value-based healthcare platform that leverages advanced analytics, technology and nationwide healthcare provider networks, and HealthComp, the largest independent health benefits administrator in the country, reported a new strategic collaboration to give self-funded employer groups an affordable health benefits package that embeds value-based payments with value-based benefits design (Press release, Signify Health, SEP 30, 2021, https://www.signifyhealth.com/news/signify-health-and-healthcomp-collaborate-to-develop-value-based-health-benefits [SID1234590621]).
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"Having successfully built a value-based care platform to support providers, employers, and health plans who are committed to improving patient outcomes, our collaboration with a leading third-party administrator such as HealthComp opens up new opportunities to drive the transformation away from the broken fee for service model," said Peter Boumenot, Chief Product Officer, Signify Health. "We believe that converging value-based payments with value-based benefit design is essential for all stakeholders at both the individual and the population levels. HealthComp’s proven capabilities will help us bridge this gap for employers across the country who are looking for turnkey solutions that improve costs and outcomes."
"The majority of the employers we work with are looking for new ways to strengthen the alignment of cost, quality and member satisfaction with their benefits offerings," said Justin Tran, Senior Vice President of medical cost management at HealthComp. "By working with Signify Health, we have a unique opportunity to bring together advanced alternative payment models with advanced benefits designs that deliver the clinical and operational excellence needed to address the root causes of suboptimal health outcomes and increasing costs."
Employers are increasingly adopting value-based insurance designs (VBID), which align the appropriate use of high value healthcare services with the engagement of high-performance providers who are accountable for health outcomes. A new white paper published by VBID Health describes how VBID and alternative payment models can be brought together to improve overall health and lower the costs of healthcare delivery and references many of the tools that are available for employers working in collaboration with providers, third-party administrators, and carriers. Early results of similar payment arrangements with Signify Health have shown a promising reduction in both health plan spend and adverse clinical events for members engaged in the program.
The partnership will focus on leveraging Signify Health’s leading capabilities in episode-based financing and high-value provider networks, along with HealthComp’s innovative approach to comprehensive benefits administration and member engagement, to create more affordable, predictable, transparent, and member-focused benefit design. Value-based benefits developed by HealthComp and powered by Signify Health’s value-based payment platform will be offered in select markets across the U.S.